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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Standard Standard Standard Standard costs: Quantity Price Cost Direct materials (15 pounds @ $4 per pound) 15 $4.00 $60 Direct labor (3 hours @ $15 per hour) 3 $15.00 $45 During May the company incurred the following actual costs to produce 9,000 units. Actual Units 9,000 Actual costs: Direct materials (138,000 pounds @ $3.75 per pound) Direct labor (31,000 hours @ $15.10 per hour) Actual Quantity 138,000 31,000 Actual Price $3.75 $15.10 Actual Cost $517,500 468,100 AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price Required (1) Computer the direct materials price and quantity variances. (Une cells M to 11 from the given information to complete this question and indicate the effect of each variance by selecting favorable, unfavorable, or no variance) Actual Cost Standard Cast Variance Variance Price variance Quantity variance Total direct materials variance 2) Compute the direct labor rate variance and the direct labor efficiency variance. Une cells A4 to 11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no Actos Standard Cost Variance Variance - Rate variance cency variance Tots direct labor vanance

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